AVIV Ratio at 0.92, #trading below 1 since early February, conditions closely resembling May, June 2022 but well above the extreme lows seen in Q3, Q4 2022. The current environment confirms an active bear market regime. The True Market Mean at $78K remains the probable ceiling for any relief rally. This is not a #prediction of a further drop, but a historical reference point for understanding how deep and long the current bear phase could last. #crypto